Avalanche (AVAX) Price Prediction: Will AVAX Surpass $200 in the Next Bull Run?

Crypto markets are bracing for the next big surge. Avalanche (AVAX), alongside several other cryptos, is positioned as a strong contender.

Crypto markets are gearing up for the next wave of surge, and several cryptos, including Avalanche (AVAX), are emerging as strong contenders. Recently, the AVAX price attempted a breakout towards the $30 mark, while Bitcoin (BTC) briefly approached the $70,000 level.

However, BTC’s price pulled back after hitting a monthly high of $69,498. Similarly, AVAX also retraced from a high of $29.86. Over the past week, rising geopolitical tensions have caused a notable market-wide decline.

This impacted major cryptocurrencies, and given its market dominance, Bitcoin’s price fluctuations have continued to influence other assets, including the AVAX price. Despite this volatility, BTC’s ability to hold steady above $66,150 this month has maintained bullish sentiment among investors, setting the stage for potential market shifts.

At the time of writing, the AVAX crypto stabilized around the $25 support level, but it remained below key exponential moving averages, including the 200-day EMA. Read on to discover potential scenarios for the AVAX price in the upcoming sessions.

Major Developments For Avalanche Foundation This October

In the second week of October, the Avalanche Foundation reacquired tokens to help streamline Terraform Labs’ bankruptcy process. It is the parent company behind Terra. This strategic move strengthened Avalanche’s asset reserves and supported ecosystem growth.

This buyback was executed at prices significantly lower than the market levels, cushioning them from the risk of a major market sell-off and highlighting the importance of risk management.

The move led to an immediate surge in the AVAX crypto during the second week, with the price jumping from around $25 to nearly $29.50.

Throughout October, the Avalanche ecosystem witnessed notable developments, such as its expansion in the Web3 gaming sphere. A highlight was the innovative @playoffthegrid initiative.

A deep dive by @Forbes on how @playoffthegrid took a new approach to bringing a Web3 game to market, with the focus entirely on showcasing just how awesome the game is.

Moreover, Avalanche hosted the LATAM Summit, where industry advancements were showcased. On October 17th, a broadcast with Grayscale’s head of research drew significant attention. This further boosted market confidence.

Tune in to learn how Avalanche is scaling blockchain technology with its high-performance network and customizable blockchains. Our Head of Product & Research, @Ray_scale, joins the @avax team to dive into $AVAX. October 24 – 11:00 AM ET → https://t.co/7Feq3RVy4s

Another major announcement came on October 25th, with the launch of “FCHAIN,” a new Layer 1 chain on Avalanche.

Last week at Avalanche Summit, @farawaygg announced the launch of FCHAIN, a new Avalanche L1 combining original IP, a robust developer platform, creator and commerce tools, and a game portfolio spanning a wide audience of players and player-owned content. https://t.co/OyY7zBif8p

The month was filled with optimistic activities and development. However, the AVAX price remained range-bound between $25 and $29.

AVAX Price Retests Ascending Channel Pattern’s Lower Support Trendline

The AVAX price has been following a pattern of higher highs within an ascending wedge since August, breaking free from a previously dominant downtrend.

However, amid recent market volatility, AVAX has shown a persistent downtrend. The token faced a 3.10% drop in the past day and an 8.70% decline over the week. Over the last month, the token fell nearly 10%, bringing its year-to-date loss to 41.60%.

The AVAX price has found support near the $25 level and the lower edge of its ascending wedge. A break below these levels could lead to a significant downturn.

If market uncertainty intensifies, AVAX may retest its $24.30 trendline. A bear-driven Q4 could fall further to key lows around $20 and $17.

On the upside, a bullish reversal could see AVAX price retesting resistance at $33.06 this month. This will signal a successful Change of Character (ChoCh).

Suppose bullish momentum persists, AVAX could climb to higher resistance levels of $39 and $49 in the coming sessions.

Some analysts speculate that AVAX could surpass $200 in the next bull run. Whether this forecast holds remains to be seen, leaving investors and traders with time to watch how it unfolds. In the meantime, it’s essential to avoid FOMO and DYOR.